Revenue excluding currency shifts slipped 4 percent in Richemont’s fiscal third quarter, which ran through December, the Geneva-based company said Thursday in a statement. Analysts had predicted a 3 percent decline, according to the median estimate in a Bloomberg News survey.

The maker of Montblanc pens said the fourth quarter will remain challenging. Swiss watch export figures for November bode ill for the industry’s year-end performance as shipments to Hong Kong, its largest market, slumped 28 percent.